Barclays analyst Blayne Curtis upgraded AMD (AMD) to Overweight from Equal Weight with a price target of $100, up from $85.

The stock closed Tuesday down $3.55 to $78.88.

The company reported "strong" quarterly results this morning, driven by strength in both Client and Gaming, "materially better" than the "weak report" last week from Intel (INTC), Curtis tells investors in a research note. On its acquisition of Xilinx (XLNX), the analyst believes the major strategic benefit is the end market diversity which will make AMD "less susceptible to PC swings."

Curtis views AMD as a "clear long-term winner" and sees "no end in sight" for Intel's struggles.